Union Budget 2023: Big hope for Bihar’s growth rate after Corona, Finance Minister will open the box

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Union Budget 2023 The GDP of Bihar is expected to get a tonic from this. According to the report of the Economic Survey-2021-22, an increase of 2.5 percent was registered in the Gross Domestic Product (GSDP) of Bihar. While the country’s growth rate declined by 7.25 percent during this period. However, if compared to the financial year 2019-20, a decline has been recorded in it and it has come down from 7.40 percent to 2.50 percent. In the 16th Economic Survey of the state, during 2016-17 to 2020-21, agriculture and allied sectors increased at the rate of 2.1 percent. In such a situation, the city of the common people is now dependent on the central budget this time.

Change in income tax slab

According to the survey of the state government, the per capita income in Bihar is only Rs 50,555. While the per capita income in the country is Rs 86,659. However, a large section in Bihar is the salaried class. In such a situation, there is a demand from the people that their income tax limit should be expanded. The limit of income tax should be reduced to at least five lakhs. Along with this, it is understood that the government may consider making slight changes in Section 16(iA) of Income Tax to give relief to the common people in standard deduction in many ways.

Government can give exemption on investment

People of Bihar have faith in savings and investment. In such a situation, it is expected that if tax exemption is given, then along with it, investment should also be exempted. It is believed that while giving a big gift to the common people, the Finance Minister has made a big change in the limit of 80C. Also, payment for health insurance premium is also being considered. Also, can give relief on capital gains tax. If these two tax exemptions are given, then the spine of the salaried class people can be straight.

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